WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market worries over the global growth outlook prevailed in European trade on Wednesday with major European equity markets standing in negative territory in early trade and major government bonds retaining a firm tone.
GREECE: According to the local press, the Greek government is expected to submit to Parliament soon after the May 17 Euro Working Group a multi-bill incorporating the legislation required for the accomplishment of the remaining prior actions attached to the 1stprogramme review. In other news, the Director for Greece and Cyprus of the European Bank of Reconstruction and Development (EBRD) said that the Bank is expected to buy its first batch of non-performing loans from Greek banks in the coming weeks.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging stock markets closed broadly higher on Tuesday, snapping a 7-session falling streak, amid improved global risk sentiment. In this context, regional currencies broadly firmed yesterday, while government bonds broadly weakened.
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